A source close to Icelandic investment firm Exista has denied media reports that the company had bought 8% of food group Greencore and was planning a takeover bid.
The reports had also said the firm had hired Deutsche Bank to advise on any bid.
'They haven't bought an 8% stake in Greencore, and they don't intend to buy Greencore,' the source said.
Exista declined to comment on the report, as did Deutsche Bank, which holds a 5.45% stake in Greencore, according to a stock exchange filing on February 5.
The source was unable to say whether individual Exista board members had built holdings in Greencore, which ranks itself as Britain's largest sandwich maker, and includes the UK's biggest retailers Tesco, Asda and Sainsbury's among its customers.
Another report earlier this month said two members of Exista's board had bought more than 8% of Greencore through Exista.
Greencore said last week that unnamed competitors had built up stakes in the company, but there was no need for a change in ownership in order to implement its strategy.
Executives at the company expressed frustration that buying shares via contracts for difference meant buyers could avoid declaring their holdings.
Property developer Liam Carroll last year declared a stake in Greencore just shy of the 30% that would trigger an automatic takeover bid.
As well as its core foods business, Greencore also owns large property banks after its exit from the sugar industry in 2006.
Shares in the company closed up six cent to €4.11 in Dublin.
